CHAPTER V
when applied with SME or Small business as well. From past research, it has also been researched that enterprises that are sustainable embeds a view that is long-term within their enterprises (Kantabutra and Avery, 2013). Therefore, speaking of having long- term orientation, it can start by having an effective leader that has the mindset to adopt and use SEP, just exactly as how Chris confirms it when he shared that leadership is the very starting point to how he applied SEP. Thus, leadership can be called as a linkage towards other parts just like how it is said that leadership, is importance for several factors such as direction setting, building employee’s motivation, and maximization of the companies’ performance (Kotter, 2006).
Consequently to leadership being identified as the starting point to how SEP is applied, the writer can conclude the findings from this case study on Akelada hotel as per the figure 5.1 below. The figure 5.1 concludes the key factors in a simple framework starting with effective leadership, then with effective leadership, it is how the organization can be led to further develop productive action plan methods for staff development like training and a well thought out tactical innovation strategy. Through great implementation of good innovation strategy and high motivations being built by employees through fruitful staff development, stakeholder satisfaction eventually can be achieved. All of the important key factors could be seen to be framed out on the conclusive framework as on figure 5.1, and it was what the writer interpreted from all the theme of answers received through all interview sessions combined. One added point towards the importance in having stakeholder satisfaction within a SME is that, enhancement of a SMEs’ sustainability or survival in a long term can come from stakeholder satisfaction (Avery and Bergsteiner, 2011; Kantabutra and Suriyankietkaew, 2013). Once all the 4 key factors are built up on the conclusive framework as per figure 5.1, is then where the conclusion is, as it the final answer acting as one potential method to how SME or Small business in hospitality industry can apply Sufficiency Economy Philosophy within their business.
Figure 5.1 Conclusive Framework
5.2 Limitation of This Study
Since the purpose of this research paper was aim to understand the key factors on how SMEs or Small businesses in the hospitality industry can apply Sufficiency Economy Philosophy, the study was specifically based on a single case study of a hotel in Buriram known as Akelada hotel, that had applied SEP themselves.
Furthermore, the writer has chosen to focus on specially five factor variables to be studied through a qualitative research method only. That being said, the limitation of this study and the result received can act as only a potential framework for SMEs or Small businesses in hospitality that wants to apply Sufficiency Economy Philosophy, as it is a case study of one specific SME hotel. If the writer was to continue this research paper for a thesis level later on, the writer would focus on seeking and finding a number of more SMEs or Small businesses in hospitality industry that applied SEP out there, so the writer can have the desired larger sample size of SME organization and test the factor variables via mix method research. The result of the research with a larger sample size at the thesis level then can be used as a comparison with the result from this research paper, to check if there are other key factors to be added and studied upon. In addition, the writer would also be able to test whether the key factors concluded from this research is the same and whether it has a significant correlation when researched in a larger scope and sample size, via the mix method research.
5.3 Recommendations
Sustainability as a part of their development is what a lot of organizations today may be looking for, which, also matches to the utmost purpose to what Sufficiency Economy Philosophy aims to eventually achieve (Jairak et al, 2015). On top of that, as already mentioned, SEP can be applied with most of the SDGs the United Nations plan to achieve by 2030 (TICA-Thaigov, 2020). Having a strategy to follow the SDGs would benefit not only your organization but the world on the whole, and it can be done in one way through applying the concept of Sufficiency Economy Philosophy. Thus, the writer would end this research paper with recommendations of a potential method based on the conclusive framework of figure 5.1, with steps created by the key factors found to how owners of SME or Small business in hospitality industry can implement SEP. The writer recommends any owner of SME or Small business in hospitality industry who is inspired to implement SEP to focus on building effective leadership as the very first step and, use a combination of transactional and transformational leadership practice to present the idea within your business. Secondly, use your leadership influence to continuously develop good action plan for productive staff development through training, but most importantly, accept the cost it may have. The cost is all a part of the long-term orientation requires to effectively apply SEP, as results takes time and does not appear right away. Staff development through training forms up the knowledge condition and morality condition as per the other condition of the SEP framework as well as, increase employees’ motivation, as what was found through this case study. Thirdly, influence of leadership is required in applying of a good innovation strategy which with upright strategy, a successful transition in embedding SEP practice to the business is easier. In addition, for any innovation strategy that should to de decided on, thoughts on all the three SEP major principles involving moderation, reasonableness, and self-immunity should be accounted for. Last but not the least, combine all three factors to continuously make stakeholders’ satisfied, both internal and external stakeholders. Once all of the key factors have been gelled in together as per the steps the writer recommended, would be ultimate point in where your SME or Small business can successfully embed Sufficiency Economy Philosophy with your business operations.